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The Succession Solution - The longer you wait the fewer options you have

The Business of Family
The Succession Solution - The longer you wait the fewer options you have
By Mike Boyd • Issue #47 • View online
Giving purpose to the outgoing generation of leaders in a family business is an essential part of their transition. A good step is to create a Family Council for them to transition into, allowing them to offer more insight particularly on the culture and values of the business.
“The job of the incoming generation is to increase the value and to maintain the values” it is the job of the senior leadership to educate the upcoming leaders on the values of the business.
Succession planning is a form of strategic planning, as such, families should consider commencing strategic planning right after planning for succession.
“The longer you wait, the fewer the options you have.”
In this week’s podcast Episode, Brad Franc takes us through his 6 Step Succession Solution and how all families can benefit from better planning for the inevitable succession of ownership, management and knowledge.

Spotlight: The Mars Family
The Mars family is an American family that owns the confectionery company Mars, Inc., bearing their name. It was ranked as the 6th largest privately held company in the United States by Forbes and is entirely owned by the family.
The 108-year-old company has helped the Mars family build a reported fortune of $US90 billion, making them the third-richest ‘family dynasty’ in the US.
Recommended Reading
The Succession Solution: The Strategic Guide To Business Transition
The Succession Solution: The Strategic Guide To Business Transition
The Succession Solution provides both an explanation of the importance of succession planning, as well as a practical, straight-forward, and proven system that can be used to continue your business to the next generation, whether your successor is a family member(s), an employee, or a third party.
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Latest Podcasts
Bradley J Franc - Increase the Value and Maintain the Values
Bradley is the author of the Amazon bestseller “The Succession Solution” and his firm, ‘The Succession Coach’ works with business owners to create and execute their succession plans. Brad is now an entrepreneurial strategic business adviser and a business lawyer representing closely-held businesses.
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Dave Specht - Preserving Families and Perpetuating Businesses
Dave Specht - Preserving Families and Perpetuating Businesses
Dave Specht is the Director of the Global Family Business Institute at The Drucker School of Management. Dave is the author of, “The Family Business Whisperer.”
Prior to joining the Drucker School Dave helped lead a Family Dynamics team at one of the largest Private Banks in the United States where he trained over 2,500 advisors. His personal mission is to, “Preserve Families and Perpetuate Businesses.”
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‎If you would like to leave a review for the podcast, this link will prompt you to open iTunes directly where you can leave a comment. Thank you!
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Interesting Links
Asia's Richest Man Mukesh Ambani Eyes Walton Family For Succession Plan
Asia's Richest Man Mukesh Ambani Eyes Walton Family For Succession Plan
Mukesh Ambani’s grand plan is aimed at averting pitfalls of the past
www.bloomberg.com  •  Share
Exit Planning: Family matters have to be ironed out before business succession
Exit Planning: Family matters have to be ironed out before business succession
Some parents will instinctively want to treat family members “equally” in a misguided effort to keep the peace among siblings who may possess a sense of entitlement regardless of their relative contribution to the business. That typically will lead to serious problems.
www.saltwire.com  •  Share
Ridley Scott film ‘House of Gucci’ delves into the murder of Maurizio Gucci
Ridley Scott film ‘House of Gucci’ delves into the murder of Maurizio Gucci
As the infamous tale of Maurizio Gucci’s killing hits the big screen, his former girlfriend Sheree McLaughlin speaks out for the first time.
www.afr.com  •  Share
Stay in touch
Mike Boyd is the co-owner and CEO of the Vroom Group, Founder of Prosura insurance, Investor at Mudbrick Capital, Host of The Business of Family Podcast and an active member of YPO.
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Mike Boyd

I'm inspired by multi-generational businesses and the families who steward them. Join me as I learn how some of the world's most interesting families share values, knowledge, resources, and wealth with the next generation.

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